Tuesday, December 12, 2006

November foreclosure rate highest of the year

From the Central ValleyBusiness Times.com:


In November nationwide, 120,334 properties entered some stage of foreclosure, an increase of 4 percent from the previous month and an increase of 68 percent from November 2005, according to RealtyTrac Inc., of Irvine, which operates an Internet-based marketplace for foreclosure properties.

Its report shows a national foreclosure rate of one new foreclosure filing for every 961 U.S. households, the highest monthly foreclosure rate reported so far this year.

"Defaults, auctions and bank repossessions all trended higher in November, bringing the year-to-date foreclosure total to almost 1.2 million -- up 43 percent from the same 11-month period of 2005," says James Saccacio, RealtyTrac president. "With home price appreciation slowing, and even declining in some areas of the country, homebuyers who stretched themselves financially to purchase a property don't have much equity to work with if they experience even a small bump in their mortgage rate or disruption in their income.”

Nevada wins at foreclosure capital of the country

After eight consecutive months with Colorado posting the nation's highest foreclosure rate, Nevada's foreclosure rate jumped to the top spot thanks to a 12 percent increase in foreclosure activity from the previous month, RealtyTrac says.

Nevada reported 2,506 properties entering some stage of foreclosure during the month, nearly triple the number reported in November 2005 and a foreclosure rate of one new foreclosure filing for every 346 households -- 2.8 times the national average.

Colorado foreclosure activity decreased nearly 10 percent from the previous month, helping the state's foreclosure rate -- one new foreclosure filing for every 362 households -- drop to second highest among the states, according to RealtyTrac’s figures. The state reported 5,051 properties entering some stage of foreclosure, still up 88 percent from November 2005.


California reports highest number of foreclosures for third straight month

More than 19,000 California properties entered some stage of foreclosure during November, the most of any state for the third straight month and an increase of more than 19 percent from the previous month, RealtyTrac says.

The state's foreclosure rate of one new foreclosure filing for every 635 households rose to 1.5 times the national average and jumped to seventh highest among the states after being 12th highest the previous month. California foreclosure activity has more than tripled from a year ago.

http://www.centralvalleybusinesstimes.com/stories/001/?ID=3807

7 comments:

Housing Wizard said...

I hate to see what next November looks like .It's all starting .

Did anybody think that all that hype in Neveda was for real?

Rob Dawg said...

I just got back from a Vegas wedding. No, not my own. Anyway, It was insane. Henderson is part of LV. Construction everywhere. I saw more flyers for "condotel investment opportunities" than "executive massage services." Either way you get screwed.

moqui said...

I saw more flyers for "condotel investment opportunities" than "executive massage services." Either way you get screwed.

LOL

I would hope the condotel sales person wears a rubber (not worried about the escort service)

Rob Dawg said...

Moqui,

Don't you know? It is better to give than receive.

Anonymous said...

Just uploaded the San Diego and Las Vegas reports.
thebubblebuster.com

smoggiebakersfield said...

Humm, makes me wonder why Las Vegas is doing so badly in RE sales? Seems like all those Pimps/Madam's would be snagging that real estate up!

Anonymous said...

"In our guidance we've assumed that the mortgage industry would be about as tough next year as this year," Killinger said, adding that he would not be surprised to see "multiple years" of housing prices lagging inflation and other asset classes.

While WaMu has slashed head count at its mortgage unit by about one-fifth, part of an overall work force reduction of 9,742 jobs, or 16 percent of its work force. Many of its rival mortgage lenders have yet to take the needed steps to reduce capacity, he said."